Saudi Arabia's role in BRICS to ensure global economic stability
On behalf of His Highness Prince Faisal bin Farhan bin Abdullah, the Saudi Minister of Foreign Affairs, His Excellency the Deputy Minister of Foreign Affairs, Engineer Waleed bin Abdulkarim Al-Khuraiji, participated in the BRICS Foreign Ministers' Meeting in New Delhi, India. This prominent meeting, themed "Building Resilience, Innovation, Cooperation, and Sustainability," saw the Kingdom of Saudi Arabia participate as an invited nation. The Kingdom's opening remarks emphasized the importance of joint international cooperation in addressing current challenges, stressing that the security of waterways plays a crucial role in supporting global economic stability and overcoming successive crises.
Historical context and the evolving role of the BRICS group
The BRICS group was initially established to bring together major emerging economies with the aim of creating balance in the global economic system. Over the years, it has evolved into a strategic platform for discussing geopolitical and security issues alongside economic ones. Saudi Arabia's invitation to participate in these meetings is a testament to its regional and international standing as one of the world's leading energy exporters and an active member of the G20. This reflects a growing international desire to involve key players in shaping policies that ensure the sustainability of supply chains and support innovation and growth.
In his address, His Excellency the Deputy Minister of Foreign Affairs explained that the world is currently witnessing rapid and unprecedented technological and economic transformations. He emphasized the need to pay special attention to enabling developing countries to keep pace with this accelerating digital transformation, particularly in light of the growing opportunities and future implications associated with artificial intelligence technologies. He noted that ensuring equitable access to technology and digital capabilities will remain a fundamental element for achieving sustainable and balanced development for all the world's peoples, thus reducing the digital divide between nations.
Waterway security and its impact on global economic stability
In discussing geopolitical challenges, His Excellency stated, “The Kingdom affirms that stability in the Arabian Gulf and the Red Sea is not merely a regional matter, but rather a fundamental pillar for the resilience and stability of the global economy, particularly during periods of uncertainty and crisis.” He added that maintaining this stability is a shared responsibility and a collective interest of the entire international community. The region remains a vital hub within global trade networks, with a significant portion of global energy supplies and commercial goods passing between Asia, Europe, and Africa through the strategic maritime routes of the Arabian Gulf and the Red Sea.
Engineer Al-Khuraiji emphasized that any disruption affecting the security or stability of this sensitive region would have immediate and far-reaching repercussions on global energy markets, inflation rates, sustainable development efforts, and global economic growth in general. Historically, crises in the region have demonstrated that global energy security is inextricably linked to the safety of navigation through these vital straits, making their protection a top priority to avert any potential economic downturn.
The Kingdom's firm stance towards de-escalating regional tensions
On the security and political front, His Excellency affirmed that the Kingdom of Saudi Arabia expresses its deep concern regarding the current situation and the recent attacks targeting some Gulf states and the Hashemite Kingdom of Jordan. The Kingdom strongly emphasizes the importance of de-escalation, restraint, and full adherence to the principles of international law and the Charter of the United Nations. He also warned against any further steps that could exacerbate tensions in the region, reiterating the Kingdom's emphasis on the importance of continued constructive diplomatic dialogue among all concerned parties, including the BRICS countries, in support of efforts to enhance regional and international stability and security.
